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Crypto is pretty much speed running our existing financial institutions’ past history.
by syntaxing 4y ago
Crypto is pretty much speed running our existing financial institutions’ past history.
- dleslie 4y agoany% noreg tas
- jkingsman 4y ago[INFINITE MONEY GLITCH -- WORKING!!!]
- jqpabc123 4y agoWhat it's doing is giving techno nerds a free crash course in government, monetary policy and regulation --- or rather the lack thereof.
- kranke155 4y agoPretty much. Every piece of financial regulation is being justified by crypto scams in record speed.
- ip26 4y agoSo you're saying crypto will eventually race pass fiat and discover new regulations we don't have yet but will eventually need?
- kranke155 4y agoThat’s a fascinating idea but no I don’t think so. I think crypto is just liquidity for the future internet. The idea it has any purpose as a currency seems to me like a relic of the failed Bitcoin principles. Crypto is a bit like the early internet. People thought the liberation of information would make people smarter and democracies. Instead we built giant skinner boxes where people ignore valuable information in favor of random stimuli. It’s likely the most dystopian outcome for crypto is the most likely - something like Central Bank Digital Currencies where every transaction is logged and financial privacy is erased. At the edge you might have something like flexible pricing where anyone who doesn’t own a business will be charged more money for transactions if they have more money, thus making sure that capital owns everything and can’t be threatened in the future.
- int_19h 4y ago> Central Bank Digital Currencies where every transaction is logged and financial privacy is erased. That is already the case though with just regular bank accounts and debit/credit cards, no? There's still privacy in cash, but cash is getting more and more limits placed on it to make it harder to use for this exact reason - and it's not even new, e.g. Sweden has been intentionally openly pursuing "cashless society" as a goal for over 20 years now.
- woodruffw 4y agoFree, for some definitions of free :-)
- umeshunni 4y ago"techno nerds" what does this have to do with EDM?
- qzx_pierri 4y agoI wouldn't lump Techno in with 'EDM' Techno = A movement that is largely an exercise in pushing computers/midi to their limit while creating inventive music. EDM = event driven marketing. pop music with a 4x4 kick drum. ...Yeah I know, semantics.
- cruano 4y agoAh yes, nothing more inventive than using the same drum synthesizer for 40 years! Also, I'm sure it's super hard to push the limits of all 127 values of dynamic range that MIDI offers, especially when you also write all your music on common time
- Tangurena2 4y agoWell, TR-808s (and the re-makes) still sound great.
- 3np 4y agoCan you point me to any "crypto nerds" affected by this? The article is precisely about how the insiders still come out on top. It's precisely the blindsided non-nerds that are (hopefully) learning now and custodied their funds with Celsius.
- anm89 4y agoSeriously. The "nerds" aren't the ones dumping their keys into other peoples custody to yield farm obvious ponzi schemes
- dpkirchner 4y agoWhat's the next scam on the list?
- fourstar 4y ago
- hn_throwaway_99 4y agoWhat's hilarious to me is that crypto boosters would often cheer about how crypto doesn't "suffer" from the same things as our existing financial system (e.g. potential run on the bank in a fractional reserve system) - but then they went and built up all the same things they originally said crypto was immune from, this time with no regulations or legal framework.
- FireBeyond 4y agoBecause they all saw an opportunity to rake/skim/scam off the top of each transaction moving through the system, and wanted a piece of that.
- cowtools 4y agoI use cryptocurrency, however I don't remember ever working on, particiapting in, or endorsing Celcius. Celcius is not decentralized, it is not a community led-project, it is not free/open source software. So who is "they"? It's obvious to me that the type of person who endorses something like celcius just sees cryptocurrency as a free money machine, and does not actually have real princples regarding decentralization and whatnot. Cryptocurrency can be strong against censorship etc. But it is clearly not sufficient in itself for censorship resistance etc (e.g. what value is being secured? from who? how?) It is analagous to saying that encryption is good for security but the presence of encryption is not sufficient for security (e.g. what data is being secured? from who? how?). The fact that celcius can steal your deposit despite the fact that cryptocurrency is involved is analagous to the fact that GMail can read your emails despite the fact that HTTPS is involved.
- cuteboy19 4y agoCelcius Binance etc are part and parcel of the crypto world, where you like it or not
- matheusmoreira 4y agoThey're not even wrong. Cryptocurrencies really are immune to many of these problems. You can't bank run bitcoin: there is no bank, no fractional reserve, nothing. The issue is people keep reinventing centralized banking on top of it. Exchanges for example are actually just banks in disguise. Of course reinventing centralized banks brings forth all the problems associated with centralized banking. Problems society has already identified and remedied. All the drawbacks and none of the benefits. The solution is of course to stop reinventing banks and start using cryptocurrency like it was meant to be used: as a currency.
- datadata 4y agoAre you implying that existing financial institutions have put this type of scam entirely in the past? Because they certainly have not.
- dan_quixote 4y agoI don't feel like that's implied in the comment at all.
- datadata 4y agoDoesn't "past history" imply something that is no longer happening?
- snarf21 4y agoAt this point, I see crypto as nothing more than digital penny stocks. It isn't all scams, just mostly.